Infosys co-founder Murthy plans India JV with Amazon - paper

N.R. Narayana Murthy, Chairman Emeritus of Infosys, speaks during an interview with Reuters in Bangalore, February 28, 2012.
REUTERS/Vivek Prakash/Files

Infosys Ltd co-founder N.R. Narayana Murthy is close to entering into an e-commerce joint venture in India with Amazon.com Inc through his investment firm, Catamaran Ventures, India's Economic Times reported.

Catamaran confirmed the planned venture with Amazon Asia, the business daily reported on Thursday.

Amazon and Catamaran were not immediately available for comment.

Catamaran will hold a 51 percent stake in the business, as required under India's foreign direct investment rules, the newspaper reported, citing sources.

Murthy built up Infosys into one of India's top outsourcing service companies. He stepped down as executive chairman of the company earlier this month.

MUMBAI State Bank of India has agreed to sell a 3.9 percent stake in its life insurance arm to affiliates of KKR and Temasek for 17.94 billion rupees ($266 million), the nation's biggest lender said on Friday.